1. Anica bought perfume using a credit card at a price of P2,400 payable in four months at 15%. The principal is also repaid equally each month with four payments of P600 each. Compute for the total interest when it is paid equally over four months. 2. Diane has a loan whose interest rate is 6%. The amount of interest is P43.75 for a period of 75 days. How much is her loan using ordinary interest method? 3. Paul repaid a total of P762.39 on the due date of his loan. How much is the rate that the lender charged Paul if he borrowed an amount of P750 for 45 days using exact interest?
1. Anica bought perfume using a credit card at a price of P2,400 payable in four months at 15%. The principal is also repaid equally each month with four payments of P600 each. Compute for the total interest when it is paid equally over four months. 2. Diane has a loan whose interest rate is 6%. The amount of interest is P43.75 for a period of 75 days. How much is her loan using ordinary interest method? 3. Paul repaid a total of P762.39 on the due date of his loan. How much is the rate that the lender charged Paul if he borrowed an amount of P750 for 45 days using exact interest?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Guided Question:
1. Anica bought perfume using a credit card at a price of P2,400 payable
in four months at 15%. The principal is also repaid equally each month with
four payments of P600 each. Compute for the total interest when it is paid
equally over four months.
2. Diane has a loan whose interest rate is 6%. The amount of interest is P43.75
for a period of 75 days. How much is her loan using ordinary interest
method?
3. Paul repaid a total of P762.39 on the due date of his loan. How much is the
rate that the lender charged Paul if he borrowed an amount of P750 for 45
days using exact interest?
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